Bahlil Lahadalia said the move was considered after the rise of crude oil prices following conflict in the Middle East and the United States issuing a 30-day waiver for countries to buy sanctioned Russian oil and petroleum products stranded at sea.
Business
Cash purchases of foreign currency against the rupiah will be limited to US$50,000 per buyer per month, down from US$100,000, starting April, the central bank said. Thresholds for forwards and swaps were increased. Supporting documents will also be required for outgoing FX fund transfers of US$50,000 and up, from US$100,000 previously.
Indonesian companies targeted in a palm oil fraud probe supplied European firms including Italian energy giant Eni and Finnish sustainable aviation fuel leader Neste, an investigation by AFP and SourceMaterial has found. The links raise fresh questions about supply chains in the biofuel sector, experts said, and follow persistent allegations of fraud involving palm oil products used as fuel feedstocks.
Governor Perry Warjiyo said rising crude oil prices driven by geopolitical tensions have weighed on the global outlook, while inflation pressures are expected to intensify despite some easing in US trade tariffs.
Indonesia will receive two liquefied petroleum gas (LPG) cargoes from Australia by the end of this week, the Ministry of Energy and Mineral Resources (MEMR) said, as the government moves to secure supplies amid rising geopolitical tensions.
Under the expanded agreement, signed during HBX Group’s MarketHub Asia celebrated in Bali, Traveloka will integrate more than 40,000 hotels in APAC, with a strong focus on Indonesia, into HBX Group’s supply ecosystem.
Grain Producers Australia warns a new arrangement between Indonesia and the United States could be the first sign of governments redirecting grain trade through political deals, potentially squeezing Australian wheat out of key export markets.
An Indonesian parliamentary panel on Wednesday voted to retain both the interim head of the Financial Services Authority and its acting chief capital market supervisor in a permanent capacity, to enable them to deliver on promised market reforms.
Nearly 18 months into his five-year term, Prabowo Subianto is positioning himself as a South-East Asian leader of consequence, thrusting Indonesia into the spotlight on both sides of the geopolitical divide.
Menteri Koordinator Bidang Perekonomian Airlangga Hartarto membahas terkait Agreement on Reciprocal Trade (ART) antara Indonesia dan Amerika Serikat agar tetap berjalan dalam koridor kepatuhan terhadap syariat dan regulasi nasional mengenai Jaminan Produk Halal (JPH).
In February, a delegation of Australian investors travelled to Jakarta to deepen partnerships and advance long-term investment opportunities. It was the second investor mission and the fifth business mission to Indonesia under Invested: Australia’s Southeast Asia Economic Strategy to 2040 and was timed to coincide with the Indonesia Economic Summit.
The Central Statistics Agency (BPS) reported that Australia had shipped around $507.59 million in jewelry and precious stones to Indonesia in January. These shimmering goods accounted for 47.54% of the $1.07 billion in non-oil and gas imports that Indonesia had made with the close neighbour.
A directive issued by Indonesia’s Agriculture Ministry has triggered controversy among cattle importers and feedlot operators after capping the purchase price of imported feeder cattle at Rp 56,000 per kilogram of live weight, equivalent to about $3.33 per kg, according to industry estimates.
After moving manufacturing to the developing world to save on labor, Nike and other apparel brands are shifting employment in their Indonesian supply chain away from high-wage parts of the country and into less-developed areas.
Indonesia is ready to adjust budget expenditure to keep its fiscal deficit below 3% of GDP as the conflict in the Middle East threatens to drive up oil prices and pile more pressure on the economy, Finance Minister Purbaya Yudhi Sadewa said on Tuesday.
Indonesia’s sovereign wealth manager Danantara is studying financing options to acquire 50 Boeing aircraft for state-owned carrier PT Garuda Indonesia under a bilateral trade agreement with the United States, officials said in Jakarta on Thursday.
